I would love to stop talking about foreclosures, personally. It would mean that Salemites are no longer under financial duress, but unfortunately with our current employment problems this will probably be an issue for a while.
Salem Oregon Foreclosure Rates
I don’t think you need to be a Salem Oregon real estate agent to know that foreclosures have gone up in our area. Most of my buyers in 2009 purchased a foreclosed property. This chart shows notice of defaults that were served in Salem Oregon in 2009, according to Fidelity National Title Co. They started climbing in the second quarter and have continued to climb since then.
In Salem Oregon, there were 763 notice of defaults served last year and 1673 filed this year. The math is seriously ugly on this one…119% more notice of defaults this year over last year.
How did that translate into the real estate world in Salem Oregon this year?
Of the homes (regular single family and acreage properties) listed in 2009 according to the WVMLS, 309 were listed as short sales. That is 7.5% of listings. 136 homes were listed as foreclosed properties (ie REO’s), which is 3.3%. So the total percentage of listings this past year in distress was 10.8%. Considering our high unemployment rate I think this is excellent. For those of you contemplating a short sale, right now 32.3% of short sales that were listed have closed.
The future of distressed properties in Salem Oregon?
Right now distressed properties make up 11.6% of the Salem Oregon real estate market. Honestly, I would expect this number to go higher this year. The notice of defaults really didn’t hit until the end of this year and I would expect many families to run out of savings as finding work is very difficult.
If you want to follow foreclosures and short sales as they hit the real estate market just sign up with me to watch the market.